Camps Bay sale shows confidence is returning

Posted On Thursday, 28 January 2010 02:00 Published by eProp Commercial Property News
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The streets of Camps Bay were overflowing with onlookers yesterday as a prominent beachfront property went under the hammer on the instructions of a Deceased Estate.

Rael LevittAccording to the auctioneers, the sale represents renewed optimism in prime cape real estate and bodes well for the local property market.

The well-known, elegant and vibey Tuscany Beach restaurant building was sold on auction for a solid price of R22.5 million.

The auction, which took place on-site overlooking the world famous Camps Bay beach, attracted over 150 investors from across the country resulting in a hotly contested ‘no-reserve’ auction.

Bidding kicked off at R10 million and gradually made its way to the final price of R22.5 million, including commission.

Comments Rael Levitt, CEO of Alliance Group, ‘’We are very pleased with the result and it clearly shows that confidence is returning to prime beachfront real estate. Great properties always achieve great prices. This we have seen time and time again.’’

Bids came from as far as the UK and Far East as telephonic bids went back and forth during the tense auction.

The winning bid eventually came from a local prominent businessman who is undoubtedly pleased with the prime piece of world-class real estate now in their possession.

The no-reserve sale of the property will be confirmed by the executors of the estate.

Adds Levitt, ‘’We have already seen a number of substantial sales this year which are setting the stage for one of the most prolific years in the history of South Africa.

Eager investors are being attracted to our prime coastal areas and we are bound to see a number of fantastic investment opportunities being snapped up during the coming months.

Sometimes I think that Capetonians underestimate that an accumulative audience of 2 billion people will soon be exposed to our country through the soccer world cup. This is already causing a bounce at the top end of the market and for trophy properties.’’

The recent successful Alliance Group auction which saw several portions of the magnificent Boschendal wine estate go under the hammer is a good example of how international investors are focusing keenly on upper end prime real estate.

Last modified on Wednesday, 18 June 2014 14:12

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